Group 1: Hong Kong Stocks Performance - BYD Electronics (00285) rose over 7%, reporting a nearly 14% year-on-year increase in net profit for the first half of 2025, with positive progress in AI data center business [1] - Beihai Kangcheng-B (01228) surged over 11%, achieving profitability in the first half of the year and recently forming a strategic partnership with Baiyang Pharmaceutical [1] - MicroPort Medical (00853) increased over 11%, with a reported loss of $46.602 million for the first half of 2025, a 51.9% reduction in loss year-on-year [1] - Bank of China Hong Kong (02388) rose over 6%, reporting a net profit of HKD 22.12 billion for the first half of 2025, with an increase in net trading income year-on-year [1] - UBTECH (09880) increased over 4%, announcing a strategic partnership agreement worth $1 billion with international investment firm Infini Capital [1] - Gold stocks performed well, with China Silver Group (00815) up over 8%, Zhaojin Mining (01818) up over 7%, Shandong Gold (01787) up over 6%, Chifeng Jilong Gold (06693) up over 6%, and Zijin Mining (02899) up over 6%, driven by rising gold prices due to increased interest rate cut expectations [1] Group 2: Chinese Companies' Financial Results - China Communications Construction (01800) fell over 5%, reporting a 16.9% year-on-year decrease in net profit for the first half of 2025 and not declaring an interim dividend [2] - Evergrande Property (06666) declined over 3%, with a 5.6% year-on-year drop in net profit for the first half of the year, with management expressing pessimism about economic benefits from Evergrande Group [2] - Zoomlion Heavy Industry (01157) rose over 2%, reporting a more than 20% year-on-year increase in net profit for the first half of 2025, with institutions optimistic about export growth in the second half [2] - Midea Group (00300) increased over 2%, reporting a 25.04% year-on-year increase in net profit for the first half of 2025 and proposing an interim dividend of HKD 5 per 10 shares [2] Group 3: US Stocks Performance - Autodesk (ADSK.US) rose 9.09%, reporting a 17% year-on-year revenue increase for the second fiscal quarter and raising its full-year revenue and adjusted EPS guidance [3] - Gap (GAP.US) increased 1.52%, with revenue slightly below market expectations for the second fiscal quarter, and management indicated that tariffs may pressure annual gross margins [3] - Marvell Technology (MRVL.US) fell 18.60%, reporting record revenue of $2.01 billion for the second quarter, a 58% year-on-year increase, but provided a Q3 revenue guidance slightly below expectations [3] - Alibaba (BABA.US) surged 12.90%, with a market value increase of $36.7 billion overnight, reporting an 18% year-on-year decline in Non-GAAP net profit, but strong resilience in core business [3] - Ambarella (AMBA.US) rose 16.78%, providing strong guidance for Q3 revenue, expected to be between $100 million and $108 million, reflecting continued growth in edge AI demand [3] - IREN Ltd (IREN.US) increased 14.93%, exceeding expectations in its fourth-quarter earnings report and announcing a priority partnership with NVIDIA [3] Group 4: Other Notable Stocks - Dell Technologies (DELL.US) fell 8.88%, reporting that its infrastructure division's operating profit margin was below expectations [4] - Affirm Holdings (AFRM.US) rose 10.59%, reporting better-than-expected revenue and profit for the fourth fiscal quarter [4] - TryHard Holdings (THH.US) declined 9.80%, issuing 1.5 million shares at $4 each, at the lower end of the pricing range [5] - GrowHub (TGHL.US) increased 1.48%, issuing 3.8 million shares at $4 each, also at the lower end of the pre-set pricing range [5]

Group 1 - The price of silver has surpassed $40 per ounce for the first time since 2011, driven by increased investor demand for precious metals amid expectations of a Federal Reserve rate cut this month [1] - Silver prices have risen over 40% year-to-date, with gold, platinum, and palladium also experiencing gains [1] - Geopolitical tensions and uncertainty in the financial environment have led investors to favor precious metals as safe-haven assets [1] Group 2 - According to the CME FedWatch tool, traders currently estimate an 87% probability of a 25 basis point rate cut by the Federal Reserve later this month [2] - The industrial application of silver in clean energy technologies, such as solar panels, is supporting its price [2] - The global silver market is expected to experience a supply shortage for the fifth consecutive year, with significant inflows into silver-backed ETFs [2]

Group 1 - The industrial metals sector is expected to benefit from the upcoming peak season and anticipated liquidity turning points, with macroeconomic signals from Powell indicating potential interest rate cuts and domestic policies supporting demand release [1] - Global liquidity easing expectations are likely to enhance the financial and commodity attributes of industrial metals, driving prices upward [1] - Current inventory levels of major industrial metals are low, and as the supply side faces disruptions from maintenance and seasonal factors, demand is expected to gradually increase with the peak season, improving the supply-demand dynamics [1] Group 2 - The Mining ETF (561330) tracks the non-ferrous metals index (931892), which reflects the overall performance of listed companies in the non-ferrous metals sector in the A-share market, focusing on mining, smelting, and processing [1] - The Non-ferrous 60 ETF (159881) tracks the non-ferrous metals index (930708), providing an effective tool for investors to gauge the development status of the non-ferrous metals industry [1]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - Last week, gold and silver prices rose strongly. The main influencing factors include political pressure weakening the Fed's independence, economic data and consumer confidence index consolidating the Fed's September rate - cut expectation, a weakening dollar index, geopolitical tensions, and market risk - aversion sentiment. Silver outperformed gold due to key mineral tariffs. The Fed is likely to cut interest rates in September, but the rate - cut may not exceed 25bp. [4] - In the short term, precious metal prices are expected to remain strong. It is recommended to hold long positions or buy on dips. [4] - In the long - term, gold is bullish, while the upside potential of silver should be treated with caution. [4] 3. Summary by Related Catalogs 3.1行情及基本面指标跟踪 (Market and Fundamental Indicator Tracking) - **Gold and Silver Price and Gold - Silver Ratio**: - London spot gold rose from $3371.235/oz to $3446.805/oz, a weekly increase of 2.24%. Shanghai gold futures rose from 773.40 yuan/g to 785.12 yuan/g, a 1.52% increase. The SHFE gold - silver ratio decreased from 84.14 to 83.65, a 0.58% decline. [3] - London spot silver rose from $38.8880/oz to $39.6910/oz, a 2.06% increase. Shanghai silver futures rose from 9192 yuan/kg to 9386 yuan/kg, a 2.11% increase. [3] - **ETF and CFTC Position**: - The gold SPDR - ETF持仓量 increased from 956.77 tons to 977.68 tons, a 2.19% increase. COMEX gold non - commercial net long positions increased by 1721 contracts to 214311 contracts, a 0.81% increase. [3] - The silver SLV - ETF持仓量 increased from 15289 tons to 15310 tons, a 0.14% increase. COMEX silver non - commercial net long positions decreased by 83 contracts to 46466 contracts, a 0.18% decrease. [3] - **Inventory Data**: - SHFE gold inventory increased from 37.455 tons to 39.624 tons, a 5.79% increase. COMEX gold inventory increased from 1199.47 tons to 1210.73 tons, a 0.94% increase. [3] - SHFE silver inventory increased from 1109 tons to 1196 tons, a 7.83% increase. COMEX silver inventory increased from 15816 tons to 16119 tons, a 1.92% increase. SGE silver inventory decreased from 1287 tons to 1282 tons, a 0.39% decrease. [3] 3.2主要宏观指标跟踪 (Main Macroeconomic Indicator Tracking) - **Exchange Rates and Interest Rate Spreads**: - The US dollar index rose slightly from 97.7244 to 97.8477, a 0.13% increase. The US dollar against the offshore RMB exchange rate decreased from 7.1712 to 7.1221, a 0.68% decrease. [3] - The 2 - year US Treasury yield decreased from 3.7069% to 3.6188%, a 2.38% decrease. The 10 - year US Treasury yield decreased from 4.2615% to 4.2245%, a 0.87% decrease. The US 10 - year real interest rate decreased from 1.85% to 1.82%, a 1.62% decrease. [3] - **Economic Data**: - The US manufacturing and service PMI both declined. The US retail sales data showed mixed performance. The second - quarter GDP growth rate was strong, but the consumer confidence index declined again. Employment cooled significantly, with a rise in the unemployment rate and a decrease in job vacancies. [56][57][58][62] - Inflation showed signs of rising pressure, with increases in core PCE and consumer inflation expectations. [68][70][71][72] - **Eurozone Data**: - The eurozone's manufacturing PMI recovered slightly, while the service PMI declined. The eurozone GDP rebounded from the bottom. The inflation data of the eurozone and the UK showed certain trends. [76][77][78] - **Central Bank Gold Purchases**: - The Chinese central bank increased its gold reserves for the 9th consecutive month. In July 2025, China's gold reserves reached 73960000 ounces (about 2300.41 tons), a month - on - month increase of 60000 ounces (about 1.86 tons). [85] - In Q1 2025, global central banks and other institutions net - purchased 243.7 tons of gold, a year - on - year decrease of about 21.4%. Global central banks are expected to maintain net gold purchases. [85]

市场对8月非农就业人数的普遍预期为增加7.5万人，但由于7月数据意外疲软引发不确定性，各机构预 估区间差异较大，从0至11万人不等;失业率则预计小幅攀升至4.3%。 智通财经APP获悉，受美国法院判决对关税政策造成新变数、且投资者为美国就业数据(该数据或决定 降息走向)做准备的影响，亚洲股市在9月首个交易日低开低走，多数股指下跌。 尽管上周五美股与欧洲股市均出现回落，但因美国当日休市，市场交投清淡，美股及欧洲股市期货仍小 幅上涨。 本周数据面较为密集，涵盖制造业与服务业调查数据，且一系列劳动力数据将在周五以8月非农就业报 告收官。在此之前，美元汇率与债券市场波动有限。 摩根大通首席美国经济学家Michael Feroli表示："尽管通胀与经济增长数据并未强烈呼吁降息，但考虑 到美联储对近期就业增长大幅放缓的担忧，在当前阶段，除非就业数据出现显著向好的意外表现，否则 美联储很可能仍会推进降息。" 降息预期一直是支撑美股接近历史高点的重要因素，而这一支撑来得尤为及时——过去35年间，9月向 来是标普500指数表现最差的月份。 市场对美联储加速降息的政治压力已对美元汇率形成压制。美元指数目前徘徊在97.720附近， ...

AA股股新新高高后后震震荡荡，，强强势势板板块块是是否否下下车车？？ 22002255年年88月月2255日日--22002255年年88月月2299日日基基金金投投顾顾观观点点 本周A股市场势能依然强劲，指数点位续创新高，债市震荡，黄金和美股上涨。具体来看，本 周市场有以下几个重要方面 ： 本周A股市场势能依然强劲，指数点位续创新高，成交额延续放量，上证指数创3888.60点 年内新高，沪深两市日均成交金额达到2.95万亿元，比上周再增加了4046亿元。但指数波 动率相比上周明显提升，市场新高后波动加大。申万一级行业上，通信、有色金属、涨幅居 前，纺织服装、煤炭、银行跌幅居前。恒生指数下跌，A股表现强于港股。 02 债市方面，本周资金面整体较为均衡，债市整体震荡，预计纯债基金小幅收正。当前市场情 绪比较敏感，股市表现对债市投资者情绪影响较大。从资金面来看，均衡偏松资金面仍是市 场强有力支撑，央行投放呵护资金面，保证增税后政府债发行，并为债市超跌修复提供了动 力。 情的根本推动力是资金推动叠加产业端催化，资金会推动市场水涨船高，产业端催化则决定强势板 块。资金端尚未发现逆转迹象，大可不必因为市场波动就担心市场 ...

Market Review - The market has shown strong performance in the past two weeks, with the Shanghai Composite Index rising from 3600 points to around 3880 points, and both the ChiNext and STAR Market indices increasing by over 13% [2] - Technology innovation has emerged as the strongest theme, with the ChiNext benefiting from the Nvidia supply chain and the STAR Market seeing increased enthusiasm for domestic alternatives [2] - Key sectors such as optical modules, communication, chips, and semiconductor equipment have led the market, with the communication sector rising over 30% [3] - The overall market sentiment is positive, with a good profit effect and increased trading volume, although there are signs of overheating as the index has deviated significantly from the 5-day moving average [3] Investment Strategy - Investors are advised to maintain discipline in their trading strategies, setting clear exit conditions based on moving averages and adjusting positions accordingly [3]

消息面上，9月1日，现货黄金向上触及3450美元。据悉，美国总统特朗普试图罢免美联储理事丽莎·库 克，此举受到法律质疑，摩根大通表示，美联储独立性持续受到威胁，以及美国非农就业数据恶化将是 黄金价格的最强劲看涨催化剂，乐观情形下，摩根大通预计金价将向年底3675美元/盎司的目标价位迈 进，并预计最快明年初将达到4000美元/盎司。 黄金股涨幅居前，截至发稿，中国白银集团(00815)涨10.64%，报0.52港元；招金矿业(01818)涨6.8%， 报25.74港元；山东黄金(01787)涨6.2%，报31.18港元；赤峰黄金(06693)涨4.98%，报27.42港元；紫金矿 业(02899)涨4.14%，报26.6港元。 华西证券指出，随着关税对美国经济产生影响，消费者对通胀的担忧也将加剧，在通胀加剧之际，潜在 的降息为美元贬值创造了肥沃的土壤。在通胀持续走高的环境下降息，极有可能推高金价。长期看，全 球货币与债务担忧，使得黄金受益于债务和货币宽松的交易方向，"大而美"法案的通过预计提高美国 3.4万亿美元财政赤字，看好未来黄金价格，受益于金价上涨，黄金资源股盈利预期增强，目前黄金股 估值处于较低水平，关 ...

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2025年9月1日 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 黄金 1、基本面：美国PCE数据符合预期，金价大幅走高；美国三大股指全线收跌，欧洲 三大股指收盘全线下跌；美债收益率涨跌不一，10年期美债收益率涨2.31个基点报 4.224%；美元指数跌0.02%报97.85，离岸人民币对美元小幅升值报7.1523；COMEX黄 金期货涨1.20%报3516.10美元/盎司；中性 6、预期：今日关注中欧8月制造业PMI、欧元区7月失业率、2025年上海合作组织峰 会。美国PCE数据符合预期，市场认为通胀压力有限，叠加美联储委员放鸽，特朗普 加大施压美联储，降息预期继续升温，金价扩大涨幅。沪金溢价维持至-0.4元/克。 临近9月美联储会议，影子美联储鸽派预期高涨，金价偏强。 2 ...

Group 1 - Gold stocks have shown significant gains, with China Silver Group rising by 10.64% to HKD 0.52, and other companies like Zhaojin Mining and Shandong Gold also experiencing notable increases [1] - On September 1, spot gold prices reached USD 3,450, influenced by political tensions surrounding the Federal Reserve and deteriorating U.S. non-farm employment data, which are seen as strong bullish catalysts for gold prices [1] - JPMorgan forecasts that gold prices could reach USD 3,675 per ounce by the end of the year, with a potential rise to USD 4,000 per ounce by early next year [1] Group 2 - Huaxi Securities highlights that rising tariffs are impacting the U.S. economy, leading to increased consumer concerns about inflation, which may create favorable conditions for a potential interest rate cut and subsequent depreciation of the dollar [2] - In a high-inflation environment, interest rate cuts are likely to drive up gold prices, benefiting from global monetary and debt concerns [2] - The passage of the "Big and Beautiful" bill is expected to increase the U.S. fiscal deficit by USD 3.4 trillion, which is anticipated to positively impact future gold prices and enhance profit expectations for gold resource stocks [2]